NYC Gazette

‘Social Security 2100’ to Safeguard Social Security for Future Generations, Bolster Current Social Security Benefits 

Washington D.C. - Congressman Dan Goldman (NY-10) today joined Congressman John Larson (CT-1) to introduce the Social Security 2100 Act to protect the Social Security program and improve benefits. This legislation would increase benefit payments for current and new Social Security beneficiaries, protect beneficiaries against inflation, reduce taxes on Social Security benefits, and further bolster benefits of Social Security. This bill would also extend the solvency of Social Security by at least ten years and potentially decades. This is crucial to extend the date at which benefits would need to be cut by 20 percent due to shortfalls. The Social Security 2100 Act would pay for these improvements by requiring millionaires and billionaires to pay the same rate into Social Security as every other American.

“It is our responsibility to ensure that every person who earns Social Security benefits has the ability to retire with dignity,” Congressman Dan Goldman said. “Social Security is one of our nation’s most successful anti-poverty programs, and we have a duty to ensure its longevity. Congress has an obligation to uphold this country’s promise to its seniors and future generations, and I am proud to join Congressman Larson in the fight to safeguard the future of Social Security.”

The Social Security 2100 Act would set the new minimum benefit at 25 percent above the poverty line, ensuring that none of our seniors who have earned their benefits by paying into the system during their lifetime will have to live in poverty. The new minimum would also be tied to wage levels to ensure the benefit is accurately adjusted for cost-of-living increases. In addition, it will provide a tax cut for 23 million lower- and middle-income Americans by reducing taxes on their Social Security benefits.

This landmark legislation will pay for benefit increases and enhancements by applying the payroll tax to wages above $400,000 so the wealthiest Americans pay the same rate as a someone earning $30,000 a year. This provision would only affect the top 0.4 percent of wage earners. Taxes would not be increased on anyone making less than $400,000.

These changes would allow for significant contributions toward the Social Security Program's solvency, making up more than half the shortfall in the Social Security Trust Funds and extending the date at which benefits would be cut by 20 percent by at least a decade and potentially decades.

Original source can be found here.